CMFA issues $23,840,000 in Bonds to Inland Construction and Development Corporation for the Copper Square Apartments located in Lancaster, California
The Copper Square Apartments is an affordable multifamily new construction project that will consist of a 204-unit housing community located in Lancaster, California. The proposed Project will be constructed on a 13.6-acre portion of a 19.48-acre vacant parcel in central Lancaster. The remaining acreage is reserved for future phased development. The Project, which will consist of nine three-story residential buildings, a single-story clubhouse building and 396 parking spaces; will house 201 tenant units and three manager’s units. All tenant units will be income restricted: 21 units at 50% Area Median Income (“AMI”) and 180 units at 60% AMI. The financing of this project will result in the creation of 201 affordable apartments for the next 55 years in the City of Lancaster.